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London wheat closed down ~ £1 yesterday following last week’s losses that totaled c. £3.80. For comparison, French wheat was down €8.25 but rapeseed up €8.0
Sterling has now had 5 weeks up, the Eurozone is nervous with talk of referendums / votes taking place. Italian prime minister Renzi resigns due to referendum defeat; Italian bank shares fall sharply as they try to raise finances.
US markets are firmer, led by soya as commercial buying / exports improve.
Abares, the Australian farm ministry, raises crop forecast to 32.6 mmt (+35% year on year) from September forecast of 28.1 mmt.
Canadian wheat crop put at 30.7 mmt; largest for 3 years.
French wheat rated 94% good - very good; this time last year rated 97%, however 2016 French crop had problems; 22% early tillering stage.
Dry weather in South America has seen funds increase bullish position on soya.author: Joe Beardshaw